Trump-linked SPAC's shares surge as Truth Social app tops Apple downloads

Shares of Digital World Acquisition Corp, the blank-check company behind former U.S. President Donald Trump's new social media venture, Truth Social, rose about 14% as the app topped downloads on Apple's App Store

Digital World's shares jumped 14% to $96.36, levels last seen in October, days after the blank check firm announced a deal to publicly list Trump Media & Technology Group , the venture behind Truth Social.

"It's driven by hype but I'm skeptical that the retail driven frenzy can be sustained," said Dennis Dick, head of markets structure, proprietary trader at Bright Trading LLC in Las Vegas.The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/Illustration"From a fundamental perspective, it's too early to tell.

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